Oil prices fall, while demand for US Treasuries stays strong

14/03/2018

Phillip Futures said "items in focus will include OECD [Organisation for Economic Co-operation and Development] commercial stock levels, revision in global demand and supply for crude oil and Opec's compliance on production levels".

Brent Sweet Crude was at $65.70 per barrel, up 21 cents, or 0.3 per cent, from their previous close. This has reduced some of the enthusiasm for oil, with investors weighing increased US supply against the likelihood that OPEC will maintain production cuts that have been in effect for more than a year.

"Currently, there's downward pressure on oil prices with concerns remaining over surging US crude production", Kim Kwangrae, a commodities analyst at Samsung Futures, said by phone in Seoul.

Crude prices rose on Friday after the US economy added the biggest number of jobs in more than 1-1/2 years in February.

Mr Tillerson's firing increases risks to the multilateral agreement to limit Iran's nuclear capabilities, raising questions about potential effects on output by the third largest crude oil producer in the Organization of the Petroleum Exporting Countries.

Hours before late Tuesday's American Petroleum Institute's and Wednesday's U.S. Energy Information Administration's weekly inventories report, traders are eying a surge in U.S. production that could push inventories in the U.S. higher.

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However, if predictions from Warren Patterson, a commodities strategist at ING Groep NV, prove accurate, Iran has nothing to worry about: because US activity is angering OPEC allies to the degree they will soon abandon the cartel's production cutback deal, pump all out, and drive prices back down again.

"Nothing really stood out", said Goncalves, head of US rates strategy at Nomura Securities International in New York."You can consider that a good thing, given this year will see more and more Treasuries issued". Prices could trade sideways if the dollar strengthens along with stocks.

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